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BBVA México

BBVA México S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México
BBVA México
Company typePartially owned subsidiary / private company
IndustryFinance and Insurance
Founded1932; 92 years ago (1932), as Banco de Comercio (Bancomer)
2000, as BBVA Bancomer
HeadquartersTorre BBVA México,
Mexico City, Mexico
Key people
Manuel Espinosa Yglesias, Carlos Torres Vila, (CEO)
ProductsFinancial services
Number of employees
44,314 [1]
ParentBBVA
Websitewww.bbva.mx

BBVA México[a] is the largest Mexican financial institution (2024), having about 30.4% of the market.[2] Founded in 1932 as Banco de Comercio (Bancomer), and rebranded from 2000 to 2019 as BBVA Bancomer,[3] its main stockholder is the Spanish bank BBVA.[4] Its headquarters are located at the Torre BBVA México on Paseo de la Reforma in Mexico City.

By the end of 2023, BBVA Mexico was the largest financial group in the country, with a network of 1,706 branches and 14,500 ATMs distributed throughout the country's 32 states,[1] with a 30.4%% market share.[5]

On September 20, 2021, BBVA Mexico announced the change of its corporate name.[6]

History

BBVA México, formerly Bancomer (Banco de Comercio), was founded in Mexico City in 1932 by Salvador Ugarte, Raul Bailleres, Liberto Senderos, Mario Dominguez, and Ernesto Amescua, with Ugarte holding about two-thirds of the shares, possibly for other investors. In 1982, Bancomer was nationalized when President José López Portillo nationalized the country’s banking system. In 1991, during the presidency of Carlos Salinas de Gortari, Bancomer was again privatized when a group of investors led by Eugenio Garza Lagüera bought the majority of the stock. In July 2000, Spanish Banco Bilbao Vizcaya Argentaria purchased most of Bancomer S.A.'s public stock from Canadian-based BMO Financial Group, partially merging it with BBV Probursa, thus the BBVA in its name. In February 2004, BBVA bought the remaining shares of Bancomer S.A.'s public stock to take complete ownership of the bank.[7]

In December 2023, BBVA México serves over 30,2 million customers, has 1,706 bank locations, and 14,500 ATMs. It currently operates as fully owned subsidiary of Spanish BBVA Group. It represents 40%[8] of the total revenues of BBVA worldwide, making it the biggest bank of the group outside Spain.

In June 2019, BBVA unified its brand worldwide and BBVA Bancomer was renamed BBVA.[9]

BBVA is the title sponsor of Liga MX soccer since 2002.

Notes

  1. ^ Legal company name: BBVA México S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México

References

  1. ^ a b "4T23 BBVA México Presentación Institucional" (PDF). p. 7.
  2. ^ Mundo Ejecutivo. "Estos son los mejores bancos de México en 2024". mundoejecutivo.com.mx. Retrieved 7 June 2024.
  3. ^ America's Insider. "BBCA buys 49% of Bancomer". Allbusiness.com. Retrieved 5 August 2008.
  4. ^ "VISION:Clients: BBVA Bancomer". Vision. Archived from the original on 26 February 2012. Retrieved 5 August 2008.
  5. ^ "¿Qué bancos ganaron más en México durante el primer semestre de 2023?" (in Spanish). El Economista.
  6. ^ BBVA México (2021-09-20). "Aviso de Cambio de Denominación BBVA México" (PDF). BBVA México (in Mexican Spanish). Retrieved 2021-09-20.
  7. ^ "BBVA to Buy the Rest of Bancomer in Mexico - Global Custodian – the Leading quarterly magazine covering the international securities services industry".
  8. ^ La Celosía. "La filial mexicana Bancomer aportó más del 40% del beneficio de BBVA".
  9. ^ "BBVA to unify its brand worldwide, changes its logo" (Press release). PR Newswire. December 24, 2019.


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